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    Description

    Extremely Rare and Early Pennsylvania Provincial Bond

    Pennsylvania - Bond to the Trustees of the General Loan Office of the Province of Pennsylvania for 139 Pounds 10 Shillings September 9, 1736. PCGS Very Fine 30 Apparent.
    A fully accomplished and early 1736 Pennsylvania bond guaranteeing payments to the Trustees of the General Loan Office. An extremely rare and complex document. Collateral (or part of it) apparently was in Bills of Credit or the "current Money of America," which is an unusual clause observed in "The Condition" portion of the document. Peter Lycam was charged 5% for this loan. This is a printed set-type form in multiple lines with two defined sections, in various fonts, on a large laid paper sheet. No imprint. 21 cm x 32.4 cm. At the bottom are the signatures of two witnesses and the issuee, with his wax seal upon the end of the signature.
    Transription:

    [Handwritten text is in bold italics.]

    KNOW ALL MEN by these Presents,
    That I Peter Lycan of Moorland in the
    County of Philadelphia Smith_______
    am held and firmly bound unto Andrew Hamil[son?]
    Charles Read Jeremiah Longhorne Rich.d Hayes
    and John Wright Trustees of the General LOAN
    OFFICE of the Province of PENNSYLVANIA
    in the Sum of One hundred thirty nine pounds ten shillgs.
    Lawful Money of the said Province, to be paid unto the said
    Trustees, or their Successors; to which Payment well and truly
    to be made, I do bind myself, my Heirs, Executors, and Ad-
    ministrators firmly by these Presents. Sealed with my Seal,
    Dated the ninth Day of September in the
    Year of our Lord One Thousand Seven Hundred and Thirty six.

    THE CONDITION of this Obligation
    is such, That if the Above-bounden Peter Lycan his
    __________Heirs, Executors or Administrators, do well and
    truly pay unto the said Trustees or their Successors at the Place where
    their Office shall be kept for the time being, the Value of sixty nine
    pounds fifteen shillgs. in Bills of Credit current by the Law of the
    said Province, or in current Money of America; with Interest for the
    same at Five per Cent. per Annum; and every Part thereof, in such Pro-
    portions, at such Days and Times, and in such Manner and Form as
    is particularly directed by a certain Indenture bearing even Date
    with the above-written Obligation , and made between the Above-
    bounded Peter Lycan __________ of the one Part, and the said
    Trustees of the other Part, for securing the same Money as is herein
    mentioned, according to the Tenor, Form and Effect of the same In-
    denture; Ten the above Obligation to be Void and of no effect, or
    else to be and remain in full Force and Virtue.

    Sealed and Delivered Peter Lycan [wax seal]
    in the Presence of us
    C [Brookolm?]
    Jno. Duncan

    At the top of the back is:
    1880
    Peter Lycan's
    Oblign.
    p Act of 1731


    Noted with "Splits and Repairs; Paper Toned; Small Piece Missing at LR." An interesting, long document in superior condition. The late docket date is curious. The only example we have seen with a significant "Current Money of America" clause.
    Ex: Eric P. Newman Numismatic Education Society


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    Auction Info

    Auction Dates
    November, 2018
    7th-10th Wednesday-Saturday
    Bids + Registered Phone Bidders: 16
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    Truth Seeker: The Life of Eric P. Newman (softcover)
    A powerful and intimidating dealer of the 1960s, backed by important colleagues, was accused of selling fraudulent gold coins and ingots to unsuspecting numismatists. Who would go up against a man like that and, over the course of decades, prove the fraud? Who would expose a widely respected scholar as a thief, then doggedly pursue recovery of coins that the scholar had stolen from an embarrassed numismatic organization, all over the objections of influential collectors who had bought coins with clouded titles? Eric P. Newman would - and did. Reserve your copy today.
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